Core Insights - The article discusses the recent issuance of floating fee rate funds in the public fund industry, particularly focusing on the "Oriental Red Core Value Mixed Fund" managed by Zhou Yun, highlighting his long-term performance and investment philosophy [1][2]. Group 1: Fund Performance and Management - Zhou Yun has over 17 years of experience in the securities industry and has managed funds through multiple market cycles, achieving historical net values for his funds as of March 2025 [2][5]. - The "Oriental Red New Power Mixed Fund" and "Oriental Red JD Big Data Mixed Fund," managed by Zhou Yun, reached historical highs of 4.985 CNY and 3.070 CNY respectively by March 2025 [2][5]. - Zhou Yun's funds have demonstrated resilience during market downturns, with a focus on value investing and risk control, leading to superior long-term performance compared to peers [7][8]. Group 2: Investment Philosophy - Zhou Yun emphasizes a value investment approach, focusing on acquiring high-quality companies at low valuations, which he believes is fundamental for future returns [10]. - He practices contrarian investing, suggesting that while it is important to follow major trends, there is also value in selectively investing against the tide during market corrections [11]. - Zhou Yun's investment strategy incorporates a deep understanding of market cycles and trends, allowing for informed adjustments to his portfolio [12][13]. Group 3: Fund Characteristics and Strategy - The "Oriental Red Core Value Mixed Fund" is designed to cover both A-shares and Hong Kong Stock Connect, reflecting a comprehensive market approach [2]. - Zhou Yun's investment process is characterized by a low-correlation portfolio aimed at balancing risk and return, ensuring stability during market fluctuations [14]. - The fund's management strategy is built on probability thinking, focusing on the quality of companies while maintaining a flexible approach to portfolio adjustments based on market conditions [15].

Group 1 - The core viewpoint of the article highlights the recent research conducted by Renqiao Asset on a listed company, focusing on the growth potential of mobile source denitration molecular sieve products, particularly in the European and American markets under strict emission standards [1] - The company, Zhongchumei, reported a revenue of 199 million yuan in Q1 2025, representing a year-on-year growth of 0.05%, and a net profit of 40.71 million yuan, which is a 16.10% increase [1] - The research team at Zhongchumei consists of 143 members, including 5 PhDs and 13 Masters, and the company has implemented various incentive measures [1] Group 2 - Zhongchumei is actively managing its market value through share buybacks, increased holdings by controlling shareholders, and cash dividends [1] - The replacement cycle of mobile source denitration molecular sieve products depends on driving mileage and fuel quality, ensuring that exhaust emissions meet standards [1]

首批浮动费率基金上线了。 从 5 月 7 日证监会《推动公募基金高质量发展行动方案》的正式落地，到 5 月 23 日 26 支新型浮动费率基金 的密集获批，再到紧锣密鼓的正式开售 —— 象征着行业转型的历史性时刻，猝不及防地降临，又笃定不移地向 前推进。 此次获批的浮动费率基金，业绩比较基准均主要对标沪深 300 、中证 A500 等 主流宽基指数 。管理费方面， 则均采取 分档费率机制 ：在持有期超过一年的情况下，相对于业绩比较基准，如果持有期 年化超额收益超过 6% 且为正值 ，则收取 1.50%/ 年 的管理费；若 年化超额收益小于 -3% ，则仅收取 0.60%/ 年 的管理费； 其余情况下，均收取 1.20%/ 年 的管理费。持有期 不足 一年 的，收取 1.20%/ 年的固定管理费。 当管理人收益与长期业绩深度绑定，什么样的基金经理才能胜任？根据浮动费率基金的特征， 我们 试图描绘了 一下 ta 的画像： 首先， ta 要有可持续的超额收益创造能力 ， 过往 表现靠前的长期业绩 能证明自己 ； 其次， ta 的能力圈最好全面一些， 不要只锚定一个行业或赛道，尽量做到全市场选股； 另外， ta 还要 ...

Group 1 - The core concept of market bottom is defined as a turning point in a declining market where prices have fallen to a level that signals the beginning of a new upward trend, indicating a fundamental shift from bearish to bullish market forces [3] - Understanding market bottom helps investors identify the right timing for investment during market fluctuations [3] Group 2 - Key characteristics of market bottom include extreme shrinkage in trading volume, which reflects a decline in investor confidence and market activity, often signaling an impending market reversal [4] - Market sentiment is typically extremely pessimistic at the bottom, with investors feeling hopeless and withdrawing from the market, which can serve as a crucial signal for market recovery [5] - Technical indicators showing divergence, such as RSI or MACD, can indicate weakening downward momentum, suggesting that a market bottom may be near [6] - Valuation metrics like PE and PB ratios are often at historical lows during market bottoms, indicating attractive buying opportunities for investors [7] - A significant number of stocks trading below their net asset value (PB < 1) can signal a market bottom, as seen in previous market downturns [8] - The relative attractiveness of stocks compared to bonds can be assessed through the stock-bond yield spread, with high spreads indicating better stock investment opportunities [9][10] - A drastic decline in the number of new investors or account openings often accompanies market bottoms, reflecting a lack of market participation and sentiment [11] - Even traditionally resilient sectors and leading stocks may experience declines near market bottoms, indicating that selling pressure is nearing exhaustion [12] Group 3 - Judging market bottoms requires a comprehensive analysis of multiple market characteristics, including volume, sentiment, technical indicators, and valuation levels [13] - Historical data and experiences can provide valuable insights for current market bottom assessments, although each market cycle has unique factors [14] - Monitoring macroeconomic conditions and policy changes is crucial, as positive signs in these areas can support market recovery [15] Group 4 - Investment strategies during market bottoms include phased buying and diversification to mitigate risks associated with market volatility [16] - Focusing on high-quality assets that may be undervalued during downturns can yield significant returns when the market rebounds [17] - Utilizing technical analysis tools can help investors identify reversal signals and optimal buying or selling points [18] - Maintaining patience and confidence is essential for investors to navigate the psychological pressures of market bottoms and avoid panic selling [19] Group 5 - Identifying market bottoms is a complex task that requires a multifaceted approach, with a focus on market dynamics and macroeconomic changes [20]

Core Insights - 聚鸣投资 recently conducted a research on 涪陵榨菜, highlighting its strategic initiatives and market performance in the second quarter [1] Group 1: Company Performance - 涪陵榨菜 is entering its sales peak season in Q2, with increased promotional investments and moderate terminal performance [1] - The company is developing various products for the catering channel to expand consumption scenarios and is adjusting its cooperation model, maintaining a rapid growth in this channel [1] - Traditional offline channels remain the primary sales avenue, with plans to deepen penetration in mature markets and expand into county-level markets [1] Group 2: Strategic Initiatives - The company sees significant market potential in the复调 market, with cross-category复调 products being a strong initiative for category expansion [1] - The acquisition of 味滋美 is expected to facilitate rapid channel expansion [1] - Projected raw material costs are not expected to have a significant impact on the overall performance for the year [1] Group 3: Future Outlook - Sales expenses are anticipated to increase in 2025 compared to 2024, with a focus on Q2 and Q3 for new product launches and promotions [1]

Core Insights - The article emphasizes the importance of long-term value investing and the philosophy of being a "clockmaker" rather than a "timekeeper" in the capital market [1] - It highlights the evolution of investment strategies under the leadership of Zhou Yun, focusing on adapting to market cycles and maintaining a long-term perspective [2][3] Investment Philosophy - Zhou Yun believes in the intrinsic value of companies and aims to identify high-quality stocks that can withstand market cycles [2] - His investment approach has evolved from classic value investing to incorporating dynamic assessments of competitive advantages and market cycles [3][4] Market Adaptation - Zhou Yun's strategy is characterized by "going with the big trend while countering the small fluctuations," focusing on industry transformations and human behavior in market cycles [4][6] - He has successfully integrated the "dual carbon" policy into his investment framework, predicting significant impacts on cyclical industries over the next 5-10 years [4][6] Performance Metrics - Zhou Yun's managed funds, such as the Oriental Red New Power and Oriental Red JD Big Data, have consistently outperformed benchmarks, achieving returns of 178.04% and 197.06% respectively from 2015 to 2024 [7] - His funds have maintained a strong track record, with 8 out of 9 years of positive returns for Oriental Red New Power and 7 out of 8 years for Oriental Red JD Big Data [7] Long-term Commitment - Zhou Yun exemplifies long-termism by holding significant personal investments in his funds, demonstrating alignment with investor interests [8] - His funds have shown annualized returns of 11.30% and 12.07%, significantly higher than their respective benchmarks [8] Conclusion - The article concludes that value investing is fundamentally about seeking truth and making informed decisions amidst uncertainty, with a focus on understanding the essence of companies and aligning with market trends [9]

Core Viewpoint - The article discusses the top 50 actively managed funds held by institutional investors, highlighting their performance, management styles, and the implications of recent management changes on fund sizes and investor confidence [5][7][9]. Group 1: Top Actively Managed Funds by Institutional Holdings - The fund with the highest institutional holdings is Changxin Jinli Trend Mixed A, with an estimated holding amount of approximately 3.9 billion yuan as of May 19 [6][8]. - Huashang Advantage Industry Mixed ranks second, but its size has significantly decreased following the departure of its manager, Zhou Haidong [7]. - The third position is held by ICBC Innovation Power Stock, managed by Yang Xinxin, who focuses on large-cap value stocks and has a strong track record of risk control [7][9]. - The fourth is Taikang Hongshi March Open Mixed, which has a 100% institutional holding ratio, raising concerns about liquidity risk due to potential concentrated redemptions [7]. - The fifth is Huitianfu Quality Value Mixed, with 90.77% of its holdings by institutions, known for its strong risk control and a maximum drawdown of only 11.85% since inception [7][9]. Group 2: Management Styles and Performance - The fund manager of Changxin Jinli Trend Mixed, Gao Yuan, has been managing since September 2018, employing a top-down macro perspective combined with industry comparisons [6][8]. - Yang Xinxin's strategy in ICBC Innovation Power Stock involves a bottom-up selection of undervalued, high-dividend stocks, contributing to its long-term stability [7]. - Fan Yan, who took over the management of Fuguo Steady Growth Mixed A, utilizes a top-down strategy focusing on macroeconomic indicators to select stocks, maintaining a diversified portfolio [8][9]. - The article notes that the institutional holdings from ranks 11 to 50 also reflect strong recognition from institutions, with several renowned fund managers involved [9].

根据市场公开信息及5月22日披露的机构调研信息，知名私募仁桥资产近期对1家上市公司进行了调研， 相关名单如下： 1）开润股份 （仁桥资产参与公司分析师会议） 调研纪要：开润股份在2024年和2025年一季度实现了显著的业绩增长，营业收入和净利润均创历史新 高。公司所处的箱包和服装行业规模持续增长，中国箱包和服装市场分散但集中度有望提升。公司业绩 增长得益于全球化产能布局和精益管理，特别是在印尼、中国、印度等地的生产基地中推进精益管理、 数字化信息化以及ESG建设。未来，公司将继续拓展优质客户，提升代工制造和品牌经营业务，特别是 在针织面料及服装新品类的探索布局，并通过科学敏锐的消费者洞察推出好产品，提升品牌美誉度。 机构简介： 仁桥（北京）资产管理有限公司成立于2017年5月，中国证券投资基金业协会登记备案的仁桥（北京） 资产管理有限公司成立于2017年5月，由原诺安基金事业部投资总监夏俊杰先生创立。"仁桥"即通往仁 心的桥梁。"仁"是我们的长期愿景，是需要不断为之奋斗的目标；"桥"是人与水的完美融合，代表对财 富的态度，本质上是一种取之于社会用之于社会的态度。仁桥资产的核心团队均来自国内大型商业银 行、公募 ...

黄金成偷税、洗钱新"工具"，2025年第一季度，水贝商圈内涉黄金犯罪案件较去年同期上升23% 虚列数千万元的黄金材料、研发费用，用于获取税收优惠，从而达到少缴企业所得税的目的。金价屡创 新高，与黄金有关的企业偷税漏税、假冒伪劣黄金流通甚至洗钱等违规违法行为，也在近期频繁发生。 深圳市黄金珠宝首饰行业协会会长黄志勇近日在水贝商圈打击防范涉黄金犯罪工作会议上提到，2025年 第一季度，水贝商圈内涉黄金犯罪案件较去年同期上升23%，其中新型网络诈骗案件占比达41%，犯罪 手段呈现专业化、隐蔽化趋势，严重威胁商户财产安全、扰乱市场秩序。 黄志勇称，协会联合派出所建立"警协联动"机制，推动会员企业技防升级，开展"反诈防骗"专题培训。 同时向行业倡议，要压实企业主体责任，提升风险识别能力，深化协同治理，形成全链条打击合力。 黄金成偷税、洗钱"工具" 随着违规违法行为陆续冒头，多地监管部门近期先后披露了警示案例。 根据国家税务总局深圳市税务局稽查局网站5月20日消息，近期通过税收大数据分析发现，深圳金斯达 应用材料有限公司研发投入巨大，远超同行业正常水平。经查，该公司通过虚列8000余万元黄金材料支 出、虚构研发项目，违规 ...

忍不住再说说固收 +。 很多人不理解为啥经常叨唠固收+，因为从长期收益角度看，股票＞债券，固收+受限于权益部分仓位，预期 收益率应该要低于股基，但是朋友们，在实操中，固收+很多时候能做出意想不到的效果。 我拿偏股基金和偏债基金来举例，截至5月9号收盘，固收+的代表作——偏债混合型基金，近3年、近5年、 近10年平均收益都跑赢了偏股基金，只拉长到15年的时候，偏股基金才展现出来优势。 数 据 来源：choice，截至2025.5.9 但是，如果把投资者的体验考虑进去，那感觉就完全不一样了。那么对于那些不愿意承担太大波动，同时还想 要在权益市场分一杯羹、愿意拉长期限的投资者来说，固收+确实是很合适的品种啊。 一、一只被我多次提到的固收+ 我之前也写过，现在市面上固收+已经进化到3.0版本，策略丰富多样，而且整体表现也是越来越好，真的能 满足大部分投资者需求。 但除了策略外，我也很重视做固收+基金经理是否对投资者有同理心，这一领域，盛震山应该是做的很好的基 金经理之一。 盛震山是2019年去工银瑞信基金的，刚去的时候不是管理公募，是做了几年专户, 先后接触了包括保险、企业 客户、银行理财子等各种类型的专业机构客户， ...